After celebrating the launch of the U.S. coronavirus vaccine program, Wall Street ended Monday’s half-tone session in the face of the epidemic’s revival. The 300,000-dead Covid-19 mark was symbolically crossed in the U.S. on Monday, and New York City is contemplating re-shutting itself. Investors are also frustrated with the United States’ slowness. Congress is approving a new economic support package and is also looking forward to the next Fed conference scheduled for Tuesday and Wednesday.
The industrial average of the Dow Jones dropped -0.62 percent to 29,861 points at the close, dipping below 30,000 points, while the large index of the S&P 500 fell -0.44 percent to 3,647 points. In the event of health recovery, the Nasdaq Composite Index, rich in technology and biotech stocks, likely to increase, ended up 0.50 percent at 12,440 points.
Last week, U.S. indexes, anticipating a new stimulus package, took a step back from their recent record highs. In 5 sessions, the DJIA dropped 0.6 percent, the S&P 500 returned 1 percent and the Nasdaq dropped 0.7 percent.
Independently, the United States On Friday, the Senate voted to extend federal funding by a week, keeping federal agencies from being shut down. It is therefore important to approve the draught budget for the 2021 financial year which is expected to include the popular Covid support plan) by Friday 18 December.
The U.S. asset management firm State Street Corporation (STT) fell -2.88 percent to $70.70 while Switzerland’s UBS Group AG (UBS) was down -0.14 percent to $13.94 on Monday. State Street and the Swiss financial firm will discuss the merger of their asset management operations, according to the Wall Street Journal. State Street and UBS have been in talks on the merger since the start of the year according to the newspaper’s sources, and have come close to an agreement over the summer. The two companies will stay in contact on the matter. A combination of State Street’s asset management activities with Invesco Ltd. (IVZ) is also considered, according to Bloomberg, citing individuals close to the situation. Invesco was down -4.26 percent to $17.10 on the day.